Jack Henry & Associates provides core banking software and payment processing technology used by community banks and credit unions to run their essential banking operations, including account processing, loan management and digital banking services. Its core banking software functions as the essential operating system for smaller financial institutions, handling the fundamental account and transaction processing that banks and credit unions need to operate, making it deeply embedded and difficult to replace once implemented. Jack Henry primarily serves community banks and credit unions rather than large national banks, a customer segment that often lacks the internal technology resources to build similar systems in-house and instead relies on vendors like Jack Henry for core processing infrastructure. The company's revenue is largely recurring, tied to long-term contracts with its community bank and credit union customer base, giving it a fairly predictable, subscription-like revenue model tied to the health and growth of the smaller financial institutions it serves.